ApeCoin Performance Lags Behind Other Altcoins – Here’s What Happened To APE
July 15 2022 - 3:00AM
NEWSBTC
ApeCoin (APE), the Bored Ape Yacht Club collection’s native coin,
has been continuously falling since the June slump, reaching a low
of $3.05. Even though APE is now trading at a premium of 6.5% over
its initial price on Friday, its performance still pales in
comparison to other altcoins. As of this writing, APE is
trading at $4.69, a decrease of 3.5% in the last 24 hours,
according to data provided by Coingecko on Friday. APE reversed the
downtrend on the 4-hour chart after reaching $3.06 in the previous
month. Nevertheless, the price encountered numerous obstacles at
the $5.3 and $5.5 levels and became sluggish from there. APE
is now reevaluating the $4 support. Suggested Reading | Avalanche
Notches Solid Mid-Week Bounce – Can AVAX Sustain The Positive
Noise? Further Downturn In The Offing For ApeCoin? ApeCoin is
approaching a standstill, which could initiate a reverse. Due to
the possibility of a further decline in the market value of APE,
investors must be wary of the downturn, which has the ability to
disrupt the gains and cause further weakening. Since the middle of
June, the price of ApeCoin has fluctuated laterally. If the $4.00
barrier holds as support, a rally to $6.00 is likely. A break of
the $4.00 threshold may result in an extra 33 percent
dropping to $3.00. The NFT market is one of ApeCoin’s
attractions, although the market is currently displaying very
dismal numbers. After reaching $42.1 million in sales in
May, BAYC NFTs have not produced substantial volume for the past
two months. During this time period, the BAYC’s average volume was
$2.1 million. APE total market cap at $1.4 billion on the daily
chart | Source: TradingView.com APE Drops More Than 80% From ATH
Since the June 30 swing low of $4.20, ApeCoin’s price has increased
by around a quarter. This gain briefly surpassed the $5.02 barrier,
but purchasers were unable to sustain this recent turnaround. As a
result, APE moved below the mentioned level, indicating an
impending downward trend. Suggested Reading | CEL Token Price
Plummets 50% As Celsius Goes Bankrupt In addition, it is vital to
remember that NFT sales for the month of June barely surpassed $1.3
billion. Prior to that month, OpenSea executed around $3.1 billion
worth of transactions. In other words, APE will continue on its
current course if the scenario on these aspects does not change.
Prior to the April sale of Otherdeed land by YUGA labs, the price
of Apecoin followed a parabolic trend. Since then, however, the
coin has been in a steep decline, falling more than 80 percent from
its all-time high of $26.7. Featured image from CoinChapter, chart
from TradingView.com
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